Italy’s casinos slow to recover

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The difficult period for the Italian casinos continues, with revenues still well short of pre-Covid levels, report our colleagues at Gioco News in Italy.

Few of the contributing factors are attributable to internal or management factors, they report; it is very much a case of the pandemic leaving deep scars on players’ habits. This has forced many hospitality sectors, not just casinos, to change their operating methods and this has had a negative impact on revenues.

San Remo has performed the best, but still way short of pre-Covid times. The slots – usually the best performers – were still 13.77 per cent down at €3.8m. Footfall was 24,792. The August collections brought the 2020 total to €17.8m, down 42.62 per cent  on the first eight months of 2019.

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Saint Vincent Resort faced a second bankruptcy petition at th beginning of the month by two creditors dissatisfied with the continuity agreement that had been approved last year but the homologation of which was revoked by the Court of Appeal in Turin.

The casino had ended 2019 well in profit, but August 2020 saw proceeds at €5.1m, down 21.1 per cent, compared with August last year. Footfall was 32,085 down 15.74 per cent. Slots were down at Saint Vincent by 24.83 per cent at €2.8m.

At Valle d’Aosta, revenue was €22.1m, down 46.16 per cent. Slots revenue stood at €13.6m, down 44.44 per cent. For the year to date, Valle d’Aosta grossed €41.6m, down 32.24 per cent.

At the Casino di Venezia, with its new renovations and extension at the mainland venue (the lagoon venue is still closed), the revenue was €7.06m, down 22.49 per cent and entrances were down 65.3 per cent at 23,609.

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Analysing the trends, Gioco News said that the casinos collected €70.5m, down 48.05 per cent on 2019 figures that were themselves down 33.32 per cent on 2018 for the same eight months.

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